To end the Las Vegas event that has given us one of the best nights of the year, the Unconfiscatable 2020, we close with the controversial topic of current affairs. We refer to the expected Bitcoin Halving, which we are weeks away from happening. To address the issue they bring us to the experts of Adam Back, Jan CapekNick J Ramak Sedigh Y Austin Davis.
They begin the Unconfiscatable panel exposing the reason why each one is part of this particular panel of Bitcoin Halving. In general each one has founded or runs a company that works with miners, whether studying them or direct support. Later they briefly explain how the bitcoin mining, being what we have exposed on several occasions.
However, we present an example we liked about Capek, which is an analogy with a dice. Basically, Bitcoin mining is throwing a dice until the winning number comes out. The detail that throw the dice requires enough energy and computing capacity.
What will happen to the Halving?
Returning to the central theme of the paper, Davis focuses the panel on the effects that Halving will have on the market. In this case it is Back who participates first.
He suggests that thanks to the cut caused by Halving, in the long term Bitcoin’s finite offer is not consumed so quickly. In this way you can work with tokens that are really in the market, without running the risk of depleting the original source. The reason for this effect is that with Halving the miners will proceed to slow down.
To these comments Sedigh responds in a more crude and direct way, stating that thanks to halving it will be good for the industry. Its position is similar to that of Back, since this process allows to have a more efficient Bitcoin. However, the crude is that according to Sedigh, the «Shitcoins like Bitcoin Cash and Bitcoin SV»Will disappear. This would happen because of the close relationship between the forks and the currency they originally came from.
A step back for a breakthrough
Davis takes advantage of the comment to connect the discussion with another, which is famous within the crypto community. It refers to the relationship between quantum computing and Bitcoin. However, he adds a new point of view, arguing that now with halving it is possible that other technologies reach Bitcoin.
Nick is involved in this issue, commenting that halving will be positive for the market, given that it will provide more flexibility for users. Either the miners or those who wish to exchange their digital currencies.
In addition, Capek announces that hardware companies have prepared for this event, designing new and better mining machines. Although it is up to each miner to decide whether to invest in this new generation of computers for mining. Although Sedigh comments on an important issue, highlighting that with this new generation, those who maintain their old models can adjust for shitcoins, that is, Bitcoin Cash and Bitcoin SV.
Is the planet ready?
As previously stated, in the end the improvement decisions remain in the hands of the miners; highlighting that it remains unfinished how the price of the currency will affect. However, Davis includes a point to the panel that is important to all of us, being the environment. By this it refers to all the energy that Bitcoin mining requires.
At this point, those of Sedigh stood out, with their ideas of organizing communities to optimize energy consumption, and Capek, who argues that this issue is vital for companies that produce mining machines.
Finally, we thank you for joining us during the coverage of Unconfiscatable 2020, witnessing the best congresses in Las Vegas. Therefore, we invite you to leave in the comments your opinion on the topics discussed, including the one in this Halving article.
I am an economics student, interested in innovation and technological development, always faithful that tomorrow will be a better day.